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$320 MILLION: Powerball lottery jackpot goes through the roof

Topic closed. 444 replies. Last post 4 years ago by jamella724.

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ashabug725's avatar - Yavill
Indiana
United States
Member #122868
February 9, 2012
322 Posts
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Posted: March 21, 2013, 3:19 pm - IP Logged

Ok BBLL, 

#1

house in Rumson, NJ

#2

2013 ford taurus

 

#3

Bora Bora

 

Can you dig it? Sun Smiley

Very cute house!!! What kind of car is that?

My first 4 things....
1)a brand new van or full size SUV....
2) a house for me and my family... 5br 3ba... On a good amount of land... Nothing too fancy or too large... I don't like to clean ;-)
3) a Gatlinburg getaway~ bringing my mom and mother in law
4) a dream wedding :)

I wish I may, I wish I might...
           Win the Powerball jackpot THIS big night!!!

    ashabug725's avatar - Yavill
    Indiana
    United States
    Member #122868
    February 9, 2012
    322 Posts
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    Posted: March 21, 2013, 3:27 pm - IP Logged

    Another thing I would like to do... Set up a charity or a fund going to the military... The government is cutting so much its ridiculous and unfair (life is) but that's definitely one thing I would do within the first couple years!

    I wish I may, I wish I might...
               Win the Powerball jackpot THIS big night!!!

      BBLL's avatar - audi r8-wallpaper-bla
      Chicago
      United States
      Member #122762
      February 7, 2012
      160 Posts
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      Posted: March 21, 2013, 3:31 pm - IP Logged

      Another thing I would like to do... Set up a charity or a fund going to the military... The government is cutting so much its ridiculous and unfair (life is) but that's definitely one thing I would do within the first couple years!

      Yeah the government is cutting the wrong things.

        helpmewin's avatar - dandy
        u$a
        United States
        Member #106665
        February 22, 2011
        19740 Posts
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        Posted: March 21, 2013, 4:34 pm - IP Logged

        Yeah the government is cutting the wrong things.

        I Agree!

          Jill34786's avatar - Lottery-006.jpg
          Windermere, FL/Franklin, TN
          United States
          Member #50210
          March 1, 2007
          843 Posts
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          Posted: March 21, 2013, 5:03 pm - IP Logged

          A lot of people refer to the "Obamacare tax", but the correct name is the Net Investment Income Tax. Lottery winnings are not, and never have been, viewed by the IRS as investment income. The tax applies to the lesser of net investment income or adjusted gross income beyond a threshold.

          Everything I've seen indicates that the name is accurate, and it's only investment income that will matter. If anyone has seen a legitimate source reporting that the tax will apply to lottery (or other gambling) winnings I'd be happy to look at it, but if lottery winnings are treated as investment income it may open the door for claiming some lottery winnings at the capital gains rate. I can promise that the IRS would rather tax a jackpot at 39.6% than 20% plus 3.8%.

          That means that unless the IRS starts treating lottery winnings as investment income nobody is going to pay the tax on lottery winnings unless their lottery winnings plus everything else that contributes to their AGI is less than their investment income. That means that somebody with an AGI of more than $125 to 250k (depending on filing status) including a reported win of $1000 and investment income of more than $1000 will pay an extra $38. If they won $10k and had more than $10k from investment income they'd pay $380. If they won $100 million and had investment income of $100k they'd pay $3,800.

          This 3.8% tax is not only applied to investment income but will also be factored in on both earned and unearned income. This tax is solely implemented to support the affordable health care law which is the main reason most refer to it as "Obamacare tax".

          I have not seen publications for the 2014 Federal taxes yet but we will all be paying close attention to how the Government clarifies "unearned income". 

          My browser doesn't allow me to cut and paste the different examples I found but there are many sites online that explain the 3.8% tax and it is not limited to just investments.


            United States
            Member #131552
            August 13, 2012
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            Posted: March 21, 2013, 5:07 pm - IP Logged

            2 weeks. Would be half a million... And while I would still have lots of money left over, its not something I would do as soon as I get my money... 2 each his own... I know how I am, my fiance is, and how we would be.... But.. that being said, in no way depicts how you would be!!

            Correct, 2 weeks would be about half a million. Another vacation destination option would be bora bora, almost equally amazing and for a lot less.

              Artist77's avatar - batman14

              United States
              Member #121745
              January 16, 2012
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              Posted: March 21, 2013, 5:24 pm - IP Logged

              I think I would put half of that money in a charitable trust.

              My 3 largest charities would be:

              1.) Setting up safe havens in every state (more locations) so people will give up a baby vs not having it or injuring it.

              2.) Work with charities to come up with a master plan to reduce the homeless pet adoption (no kill methods) and develop a nation wide system for moving homeless pets out of kill shelters to temporary homes when their time is up.

              3.) Help for the elderly in staying in their own homes as long as possible and more good housing for low income elderly.

               

              Of course, my apartment in Paris is still on the table.

              http://www.green-acres.com/en/properties/15435a-orsay.htm

              J'aime La France.

                mightwin's avatar - questns

                United States
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                January 5, 2011
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                Posted: March 21, 2013, 5:31 pm - IP Logged

                I got 25 picks last draw and got a zero return.........gonna increase it to 50 picks for this sat.....and if it rolls gonna increase  to 75 picks for wed...........and I'm expecting a zero return on all. Lol

                  helpmewin's avatar - dandy
                  u$a
                  United States
                  Member #106665
                  February 22, 2011
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                  Posted: March 21, 2013, 5:40 pm - IP Logged

                  I got 25 picks last draw and got a zero return.........gonna increase it to 50 picks for this sat.....and if it rolls gonna increase  to 75 picks for wed...........and I'm expecting a zero return on all. Lol

                  do you get the power play?

                    mightwin's avatar - questns

                    United States
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                    January 5, 2011
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                    Posted: March 21, 2013, 5:45 pm - IP Logged

                    do you get the power play?

                    Power play costs too much.......lol. I play for the jackpot only.


                      United States
                      Member #111442
                      May 25, 2011
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                      Posted: March 21, 2013, 5:49 pm - IP Logged

                      I got 25 picks last draw and got a zero return.........gonna increase it to 50 picks for this sat.....and if it rolls gonna increase  to 75 picks for wed...........and I'm expecting a zero return on all. Lol

                      So if it rolls 10 more times, your in for 275 picks.   What?   ($550)

                        Artist77's avatar - batman14

                        United States
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                        January 16, 2012
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                        Posted: March 21, 2013, 5:52 pm - IP Logged

                        Power play costs too much.......lol. I play for the jackpot only.

                        But the number of 2nd place winners goes up a lot, like last time, when the Jakpot is high. The extra dollar is worth it.

                        J'aime La France.

                          mightwin's avatar - questns

                          United States
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                          January 5, 2011
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                          Posted: March 21, 2013, 5:54 pm - IP Logged

                          So if it rolls 10 more times, your in for 275 picks.   What?   ($550)

                          Good thing that will never happen lol! No for powerball my limit would be 75 picks but it would have to be at or near a record jackpot amount so if it rolls to wed then I would be okay with it.

                            mightwin's avatar - questns

                            United States
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                            January 5, 2011
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                            Posted: March 21, 2013, 5:57 pm - IP Logged

                            But the number of 2nd place winners goes up a lot, like last time, when the Jakpot is high. The extra dollar is worth it.

                            Yeah but I tried adding the extra $1 for mega and powerball awhile ago for probably close to a month and I never won anything off it. So I figure throwin some $ down for more picks makes better sense


                              United States
                              Member #111442
                              May 25, 2011
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                              Posted: March 21, 2013, 5:58 pm - IP Logged

                              But the number of 2nd place winners goes up a lot, like last time, when the Jakpot is high. The extra dollar is worth it.

                              That's because a huge surge of extra people are playing, not to mention most regular lottery players are doubling and even tripling their

                              regular bets because of the swelling jackpot.

                               

                              The odds of getting a second place prize are virtually about the same as when the jackpot is only at $40 million.

                              Although most who toss in the extra dollar, will do so no matter what the size of the jackpot.

                                 
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